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MARKETQUAKE: PSU, Adani stocks feel verdict tremors
Business Standard
|June 05, 2024
Nifty PSE tanks 16.4%; ₹3.6 trillion shaved off Adani Group market cap
Public sector enterprises (PSES) and Adani Group stocks saw the worst hammering on Tuesday as election trends showed that the Narendra Modi-led Bharatiya Janata Party (BJP) struggled to reach the halfway mark. The National Stock Exchange Nifty PSE Index tanked 16.4 per cent, with ₹10.8 trillion wiped out from the market capitalisation (mcap) of state-owned companies.
Meanwhile, over ₹3.6 trillion eroded from Adani Group mcap.
A day earlier, both the public sector undertaking (PSU) pack and Adani Group stocks were among the biggest gainers after exit polls suggested that the BJP would bag two-thirds of seats in the 543-member Lower House of Parliament.
This story is from the June 05, 2024 edition of Business Standard.
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